Silver price bounces from $23 ahead of economic data, tomorrow’s Fed.
The silver futures contract lost 0.94% on Monday, December 11 following its Friday’s sell-off of 3.3% as it further extended the downtrend that started last Monday after an overnight short squeeze price action in gold price. Silver retraced all of its recent advances and yesterday it went close to $23 level. In previous weeks it retraced all of November’s declines following lower-than-expected Consumer Price Index release. On November 13 silver bounced from new local low of $21.92.
Today silver is bouncing from $23 level as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% higher as it is trading along $23.25. What about the other precious metals? Gold is 0.5% higher, platinum is 1.3% higher and palladium is 1.7% higher. So the main precious metals’ prices are higher this morning.
Yesterday we didn’t get any new important economic data, and today markets will be waiting for the important Consumer Price Index to be released at 8:30 a.m. There may be an increase in volatility following that data. Tomorrow we will get the PPI number and the FOMC Rate Decision.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, December 12
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Wednesday, December 13
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist